IBBC Spring Conference 2019

Iraq – Financing a Modern Economy 

10 April, The Mansion House, London

The Iraq Britain Business Council (IBBC) invites you to attend its Ninth Annual Conference at the Mansion House on the 10th of April. This year’s conference is organised in partnership with the Central Bank of Iraq and the Iraqi Private Banking League.

With a strong focus on the Iraqi banking sector, two sessions of the conference will be devoted to financial sector issues. Other areas will focus on building human capital in the public and private sector and on oil & gas.

Christophe Michels, Managing Director of IBBC states:

“The security situation in Iraq is now much improved, with a new Government in place that has a clear mandate from the people to improve governance and to provide important basic utilities. IBBC is the Iraqi Governments private sector partner of choice for developing the private sector in Iraq. We firmly believe that only private enterprise can meet the challenges facing Iraq by developing a modern economy”.

H.E. Dr Fuad Hussein, Deputy Prime Minister and Minister of Finance will lead a high level delegation alongside Dr Mehdi Al Alak, Secretary General of the Council of Ministers, officials from the Central Bank of Iraq, a delegation from the Iraq Private Banks League and the Governors of Erbil, Sulamania and Karbala. A large delegation of Iraqi Businessmen from all governorates of the country will also be in attendance.

Round-table discussions will take place with Iraqi officials, including the Iraqi Governors, where delegates can engage in concentrated debates on country specific issues. As well as specific round-tables on Tech in Iraq and Women’s Group.

Dr Mehdi Al Alak, Secretary General of the Council of Ministers will present a paper on ‘Private Sector Development and Investment in Iraq‘. Delegates will receive an exclusive insight into the Government’s planned measures and strategies to realise this ambition. There will also be special presentations by the Central Bank of Iraq and Basra Gas Company.

Dr Renad Mansour, Research Fellow at Chatham House and the preeminent voice on Iraq in the UK is publishing a briefing paper specifically for the IBBC conference, discussing the short to medium term economic and political outlook for Iraq.

Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq, Azerbaijan, Turkmenistan & Kazakhstan will open the conference, alongside The Lord Mayor Locum Tenens, H.E. Dr Fuad Hussein, Deputy Prime Minister, Minister of Finance, Jon Wilks CMG, Her Majesty’s Ambassador to Iraq and Louis Taylor, Chief Executive of UK Export Finance (UKEF).

Conference Sessions & Speakers 

The Banking Sector in Iraq

Chair: Gavin Wishart, Shire Oak International

Panellists: Dr Mazen Sabeh Ahmed, Central Bank of Iraq; Mohammed Delaimy, Standard Chartered Bank; UK Export Finance (UKEF); Ali Tariq Mostaf, Iraq Private Banking League; Richard Wilkins, JP Morgan

Stock Marker & Investment Opportunities

Chair: John Kemkers, Eversheds Sutherland (tbc)

Panellists: Shwan Ibrahim Taham, Iraqi Stock Exchange; Dr Alaa Abdel Hussein Al Saadi, Iraqi Securities Commission; London Stock Exchange (tbc)

Oil & Gas

Chair: Prof. Frank Gunter, Lehigh University

Panellists: Dr Mark Wharton, Shell; Lawrence Coleman BP; Bob Dastmalchi, Chevron

Capacity Building in Iraq

Chair: Ambassador Stuart Jones, Bechtel

Panellists: Dr Renad Mansour, Chatham House; Prof. Mohammed Al-Uzri, University of Leicester; Samer Al Mafraji, AMS Iraq

Dr Mai Yamani will be presenting the closing remarks for this important event.

Join IBBC, its members and the international business and finance community for a full agenda of expert speakers, UK & Iraqi politicians and many networking and business development opportunities.

You can register and purchase tickets via the IBBC website: https://www.iraqbritainbusiness.org/event/spring-conference-at-the-mansion-house

The conference is being generously supported and sponsored by Shell, Rolls-Royce, Standard Chartered Bank and Eversheds Sutherland.

For more information email london@webuildiraq.org or telephone 020 7222 7100.

(Source: IBBC)

By John Lee.

The head of Iraq’s National Investment Commission (NIC) has said that the Iraqi provinces are “fertile lands for investment” and have natural and human resources that enable them of making any investment project succeed.

Dr Sami al-Araji added that if capital is looking for a secure environment, then Iraq welcomes it under the umbrella of the investment law and a solid legislative environment.

(Source: NIC)

By John Lee.

Iraq’s National Investment Commission (NIC) has hosted a workshop on investing in the tourism sector and hotels business in Iraq.

The event was prepared in cooperation with the US Department of Commerce and the US Embassy in Baghdad, and was attended by the heads of the five-star hotels in Baghdad and other provinces.

NIC Chairman Dr. Sami Al-Araji emphasised the importance of the tourism sector for the GDP of any country and especially in Iraq, which has religious shrines and archeological sites.

(Source: NIC)

By John Lee.

NIC Hosts Franchise Workshop which Aims to Expand the Activities of International Commercial Brands in Iraq

Iraq’s National Investment Commission (NIC), in coordination with the US Department of Commerce and the US Embassy in Baghdad, has hosted a franchise granting workshop over four days for the Iraqi private sector to expand the activities of international commercial brands in Iraq.

Dr. Sami Al-Araji, NIC Chairman, said in his opening speech that Iraq is on its way to opening up its services sector by providing support to the Iraqi private sector, adding that obtaining the licenses of international commercial brands can provide important economic revenues represented by the opening up of the big world companies towards Iraqi Market and creating many job opportunities all over Iraqi provinces.

The US Counsel said that US franchisers are looking to Iraq as “a unique key market“.

Ms. Mays al-Ebosy, the coordinator of the US Department of Commerce and the and the supervisor of the session, invited the attendees to open discussions to listen to the obstacles that face the Iraqi private sector. The second and third days of this workshop were dedicated to the provincial investment commissions (PICs) and promoting investment in provinces, while the fourth day focused on hotel investments to Iraq.

(Source: NIC)

By John Lee.

NIC Hosts Franchise Workshop which Aims to Expand the Activities of International Commercial Brands in Iraq

Iraq’s National Investment Commission (NIC), in coordination with the US Department of Commerce and the US Embassy in Baghdad, has hosted a franchise granting workshop over four days for the Iraqi private sector to expand the activities of international commercial brands in Iraq.

Dr. Sami Al-Araji, NIC Chairman, said in his opening speech that Iraq is on its way to opening up its services sector by providing support to the Iraqi private sector, adding that obtaining the licenses of international commercial brands can provide important economic revenues represented by the opening up of the big world companies towards Iraqi Market and creating many job opportunities all over Iraqi provinces.

The US Counsel said that US franchisers are looking to Iraq as “a unique key market“.

Ms. Mays al-Ebosy, the coordinator of the US Department of Commerce and the and the supervisor of the session, invited the attendees to open discussions to listen to the obstacles that face the Iraqi private sector. The second and third days of this workshop were dedicated to the provincial investment commissions (PICs) and promoting investment in provinces, while the fourth day focused on hotel investments to Iraq.

(Source: NIC)

By John Lee.

NIC Hosts Franchise Workshop which Aims to Expand the Activities of International Commercial Brands in Iraq

Iraq’s National Investment Commission (NIC), in coordination with the US Department of Commerce and the US Embassy in Baghdad, has hosted a franchise granting workshop over four days for the Iraqi private sector to expand the activities of international commercial brands in Iraq.

Dr. Sami Al-Araji, NIC Chairman, said in his opening speech that Iraq is on its way to opening up its services sector by providing support to the Iraqi private sector, adding that obtaining the licenses of international commercial brands can provide important economic revenues represented by the opening up of the big world companies towards Iraqi Market and creating many job opportunities all over Iraqi provinces.

The US Counsel said that US franchisers are looking to Iraq as “a unique key market“.

Ms. Mays al-Ebosy, the coordinator of the US Department of Commerce and the and the supervisor of the session, invited the attendees to open discussions to listen to the obstacles that face the Iraqi private sector. The second and third days of this workshop were dedicated to the provincial investment commissions (PICs) and promoting investment in provinces, while the fourth day focused on hotel investments to Iraq.

(Source: NIC)

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 14th March 2019).

Please click here to download a table of listed companies and their associated ticker codes.

The RSISX index ended the week at IQD604 (+1.6%) / $651 (+1.6%) (weekly change) (-8.4% YTD change). The number of weekly traded shares was 27.5 bn and the weekly trading volume was IQD10.8 bn ($9.0 mn).

ISX Company Announcements

  • According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,383,562 on Sunday (Mar. 17, 2019). [Table: 2.3]
  • ISX will suspend trading of Investment Bank of Iraq (BIBI) starting Mar. 26, 2019 due to the GA that will be held on Mar. 30, 2019 to elect 7 new original board members and 7 alternative members. The bank will resume trading on Mar. 31, 2019.
  • Ashour Hotel (HASH) will hold an AGM* on Mar. 17, 2019 to discuss and approve 2013 annual financial results. The company has been suspended from trading since Aug. 8, 2018 for not disclosing 2017 annual financial results.
  • United Bank (BUND) will resume trading on Mar. 17, 2019 by the CBI decision to remove the bank from its custody due to completing the procedure of electing new board members.
  • Al-Mansour Bank (BMNS) held its AGM* on Mar. 14, 2019. In the meeting, the bank decided to distribute 7% cash dividend (IQD0.07 dividend per share, 9.7% dividend yield).
  • Original shares of International Islamic Bank (BINT) resumed trading on Mar. 12, 2019 after approving to increase the capital from IQD100 bn to IQD250 bn through 150% rights issue.
  • ISX requested Union Bank of Iraq (BUOI) to provide its AGM* minutes which was held on Mar. 6, 2019.
  • Credit Bank of Iraq (BROI) resumed trading on Mar. 10, 2019 after discussing and approving 2017 annual financial results and deciding to distribute 2.5% cash dividend (IQD 0.025 dividend per share, 6.4% dividend yield).

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 14th March 2019).

Please click here to download a table of listed companies and their associated ticker codes.

The RSISX index ended the week at IQD604 (+1.6%) / $651 (+1.6%) (weekly change) (-8.4% YTD change). The number of weekly traded shares was 27.5 bn and the weekly trading volume was IQD10.8 bn ($9.0 mn).

ISX Company Announcements

  • According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,383,562 on Sunday (Mar. 17, 2019). [Table: 2.3]
  • ISX will suspend trading of Investment Bank of Iraq (BIBI) starting Mar. 26, 2019 due to the GA that will be held on Mar. 30, 2019 to elect 7 new original board members and 7 alternative members. The bank will resume trading on Mar. 31, 2019.
  • Ashour Hotel (HASH) will hold an AGM* on Mar. 17, 2019 to discuss and approve 2013 annual financial results. The company has been suspended from trading since Aug. 8, 2018 for not disclosing 2017 annual financial results.
  • United Bank (BUND) will resume trading on Mar. 17, 2019 by the CBI decision to remove the bank from its custody due to completing the procedure of electing new board members.
  • Al-Mansour Bank (BMNS) held its AGM* on Mar. 14, 2019. In the meeting, the bank decided to distribute 7% cash dividend (IQD0.07 dividend per share, 9.7% dividend yield).
  • Original shares of International Islamic Bank (BINT) resumed trading on Mar. 12, 2019 after approving to increase the capital from IQD100 bn to IQD250 bn through 150% rights issue.
  • ISX requested Union Bank of Iraq (BUOI) to provide its AGM* minutes which was held on Mar. 6, 2019.
  • Credit Bank of Iraq (BROI) resumed trading on Mar. 10, 2019 after discussing and approving 2017 annual financial results and deciding to distribute 2.5% cash dividend (IQD 0.025 dividend per share, 6.4% dividend yield).

Iraq’s Ministry of Planning and the Council of Ministers Secretariat, together with UN-Habitat, publicly launched the National Platform for Reconstruction and Development.

For more than one year, UN-Habitat has been working very closely with the Ministry of Planning to develop and finalize the Platform, with generous funding support from the Iraq UNDAF Trust Fund, which is a multi-donor trust fund.

The Platform provides up-to-date key information on reconstruction and development projects. It is a web-based GIS data system that contains analytical reports, statistical data for projects, as well as interactive maps of projects locations. By sharing project information, the Platform will enable relevant actors to avoid duplication and coordinate for better planning.

Now accessible to public and with interactive window, the Platform will also allow the Government of Iraq to receive feedback from its citizens on the reconstruction and development projects, helping to build trust between the Government and people.

H.E. Dr. Mahdi Al-Allaq, Secretary-General of the Council of Ministers, stated that “the Platform will advance delivery of the commitments made at the Kuwait International Conference for Reconstruction of Iraq”.

H.E. Dr. Noori Al-Dulaimi, Minister of Planning, commented that “through the Platform, projects will be managed in a transparent manner and monitored by the international community”.

Ms. Marta Ruedas, Deputy Special Representative of the United Nations Secretary-General/Resident Coordinator/Humanitarian Coordinator, stated that the Platform provides an overview of the projects implemented, and enables evidence-based planning and decision making.

The Data Platform is accessible at: https://mnpcd.gov.iq/

(Source: UN)

By John Lee.

A delegation of major Lebanese companies have arrived in Baghdad for a series of meetings with Iraq’s National Investment Commission (NIC).

The were accompanied the Lebanese Minister of Telecommunications, Dr. Muhamed Shuqair, and the opening meeting was attended by the Iraqi Minister of telecommunications, Dr. Naeem Al- Rubaiee; NIC Chairman, Dr. Sami Al- Araji; Chairman of the Damaged Areas Reconstruction Fund, Mustafa Al- Heti; and the Head of the International Finance Corporation (IFC) office in Iraq, Mr. Ziad Badr.

In his opening speech, Dr. Al-Araji invited Lebanese companies to get involved in the Iraqi market “in a way that is consistent with the historical and social relations between the two countries“.

(Source: NIC)